| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 75th | Good |
| Amenities | 27th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1403 Pitching Wedge Dr, Raleigh, NC, 27603, US |
| Region / Metro | Raleigh |
| Year of Construction | 2000 |
| Units | 24 |
| Transaction Date | 2006-11-10 |
| Transaction Price | $15,500,000 |
| Buyer | CH REALTY IX-PREISS MF RALEIGH TRYON OWN |
| Seller | GREENS AT TRYON LLC |
1403 Pitching Wedge Dr, Raleigh NC — 24-Unit Investment
Positioned in an inner-suburb pocket with steady neighborhood occupancy and a deep renter base, this 24-unit asset offers durable leasing fundamentals, according to WDSuite’s CRE market data. The location balances daily convenience with renter demand drivers that can support income stability over a full cycle.
The property sits in an Inner Suburb of Raleigh where neighborhood quality is rated A- and ranks 78 out of 331 within the Raleigh-Cary metro, indicating competitive positioning among local neighborhoods. Cafes and restaurants are a relative strength — the neighborhood’s densities land in the top quartile nationally — while grocery access is also solid by national comparison. Parks, childcare, and pharmacies are limited within the immediate neighborhood footprint, which suggests residents may rely on nearby submarkets for those needs.
Renter-occupied housing is a defining feature here: neighborhood renter concentration is high (ranked 29 of 331), supporting a deeper tenant base and consistent leasing activity for multifamily assets. Neighborhood occupancy trends are around the metro middle, pointing to generally stable performance without excessive volatility.
Asset vintage is an advantage: built in 2000 versus a neighborhood average stock from 1983, the property is newer than much of the competitive set. That can enhance positioning versus older comparables, though capital planning for systems and select modernization should still be expected over the hold.
Demographic statistics aggregated within a 3-mile radius show a growing household count alongside smaller average household sizes over time. Even with a modest population dip, the increase in households signals a larger tenant base and supports occupancy stability for rental units. Median contract rents in this 3-mile area have risen and are forecast to continue trending upward, while rent-to-income levels remain manageable in investor terms — factors that can aid retention and measured pricing power based on CRE market data from WDSuite.
Safety indicators for the neighborhood sit below national medians, and the area ranks near the metro middle (171 out of 331) among Raleigh-Cary neighborhoods. While violent and property offense rates benchmark weaker than many U.S. neighborhoods, recent trend data shows property offenses declining year over year, an improving directional signal to monitor.
For investors, the takeaway is risk management rather than avoidance: underwriting should incorporate prudent security measures and tenant-experience planning, while tracking whether the recent improvement in property incidents persists relative to the region and nation.
The nearby employment base mixes insurance, life sciences, pharma distribution, and technology—sectors that support renter demand through commute convenience and diversified job opportunities. Key employers include Erie Insurance Group, MetLife, AmerisourceBergen, Quintiles Transnational Holdings, and Cisco Systems.
- Erie Insurance Group — insurance (8.0 miles)
- MetLife — insurance (9.9 miles)
- AmerisourceBergen — pharma distribution (11.8 miles)
- Quintiles Transnational Holdings — life sciences CRO (13.9 miles) — HQ
- Cisco Systems — technology (14.9 miles)
This 24-unit asset combines a deep renter pool with a location that is competitive within the Raleigh-Cary metro. The neighborhood shows solid amenity access for daily needs, high renter concentration, and occupancy that has held near the metro middle. Built in 2000, the property is newer than much of the surrounding housing stock, supporting relative competitiveness versus older assets while leaving room for targeted upgrades to enhance yield.
Ownership costs in the surrounding area are elevated relative to incomes, which reinforces renter reliance on multifamily housing and supports leasing depth. Within a 3-mile radius, household counts are expanding and are forecast to grow further as household sizes trend smaller—dynamics that can translate into a larger tenant base, steadier absorption, and sustained demand. According to CRE market data from WDSuite, rent levels remain manageable relative to incomes locally, aiding retention and measured rent growth potential; underwriting should still account for neighborhood safety considerations and selective capex.
- Newer 2000 vintage versus older neighborhood stock, supporting competitive positioning
- High renter concentration and steady neighborhood occupancy support leasing stability
- 3-mile household growth and shrinking household size expand the tenant base
- Elevated ownership costs bolster rental demand and potential retention
- Risk: below-national safety benchmarks and limited nearby parks/childcare warrant prudent operations and capex planning